Astaxanthin Market in Europe Strengthens with Cosmetic Innovations

The global astaxanthin market size was estimated at USD 1.69 billion in 2024 and is anticipated to reach USD 3.89 billion by 2030, growing at a CAGR of 14.74% from 2025 to 2030. The increasing use of astaxanthin across industries such as aquaculture, animal feed, nutraceuticals, cosmetics, pharmaceuticals, and food & beverages is fueling market growth.

Astaxanthin is widely used as a feed ingredient for prawns and fish species such as salmon, trout, and ornamental fish to enhance coloration and boost commercial value. Its additional benefits include improved stress tolerance, reproductive capacity, immune gene expression, and disease resistance in aquatic species. Major manufacturers are focusing on product innovations and strategic collaborations to meet the growing demand in aquaculture.

The rising awareness of health and nutrition, coupled with the growing demand for dietary supplements due to escalating healthcare costs, is driving the nutraceutical and natural antioxidant markets. Leading producers are expanding their production capacities to meet increasing demand. For instance, in April 2023, Algalif announced progress on its 12,500 m² sustainable astaxanthin production facility in Iceland, a USD 30 million expansion expected to be fully operational by the end of 2023. Similarly, Beijing Gingko Group initiated a second expansion of its astaxanthin farm in 2022, while Algatech Ltd. tripled production for its FucoVital product to meet growing dietary supplement needs.

Key Market Trends & Insights

• North America astaxanthin market accounted for the largest share of 35.27% in 2024.
• The U.S. market is growing, driven by demand for natural antioxidants.
• By source, the natural segment held the largest revenue share of 58.45% in 2024.
• By product, dried algae meal or biomass accounted for the largest share of 25.12% in 2024.
• By application, the aquaculture & animal feed segment held the largest share of 46.07% in 2024.

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Market Size & Forecast

• 2024 Market Size: USD 1.69 Billion
• 2030 Projected Market Size: USD 3.89 Billion
• CAGR (2025–2030): 14.74%
• North America: Largest market in 2024

Competitive Landscape

Key players in the market include Algatech Ltd, Cyanotech Corporation, and ALGAMO. The market is highly competitive, emphasizing sustainability, innovation, and product quality. Algatech Ltd. leads with sustainable algae cultivation and large-scale production, while Cyanotech Corporation is recognized for high-quality Hawaiian-sourced microalgae. Companies are prioritizing advanced cultivation techniques, expanding distribution networks, and forming strategic partnerships to enhance competitiveness.

Recent Developments

• March 2024: Nutrex-Hawaii, Inc. (a subsidiary of Cyanotech Corporation) launched a sugar-free gummy version of its popular BioAstin Hawaiian Astaxanthin supplement, offering 12mg of natural astaxanthin per daily serving.
• April 2023: Algalif reported progress on its 12,500 m² Iceland facility, a USD 30 million expansion aimed at scaling sustainable astaxanthin production.
• April 2023: Algalíf and Divis Nutraceuticals launched an improved version of AstaBead, demonstrating continued innovation in astaxanthin applications for health and wellness.

Key Companies Profiled

• Algatech Ltd
• Cyanotech Corporation
• Algalíf Iceland ehf
• Beijing Gingko Group (BGG)
• PIVEG, Inc.
• Fuji Chemical Industries Co., Ltd
• ENEOS Corporation
• Atacama Bio Natural Products S.A.
• E.I.D. – Parry (India) Limited
• ALGAMO

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Conclusion

The astaxanthin market is poised for strong growth, supported by expanding applications in nutraceuticals, aquaculture, and cosmetics. Increasing consumer inclination toward natural and sustainable ingredients continues to boost industry investments and product innovations. Advancements in microalgae cultivation and large-scale production are further improving cost efficiency and output. Moreover, strategic collaborations and capacity expansions among key players are expected to enhance global supply capabilities and accelerate market expansion in the coming years.